- Experts say
Russia 'seconomy is "imploding" as exports to the sanctioned country fall. - Exports from 20 countries to Russia were down -50% from the same time a year prior.
Russia's economy is collapsing as exports to the sanctioned country plummet in the face of President Vladimir Putin's ongoing, unprovoked
The "economy is imploding. We forecast a GDP collapse of -30% by end-2022," said Robin Brooks, chief economist at the Institute of International Finance trade group, in a Sunday $4.
Brooks added that according to data compiled with help from IIF researcher Jonathan Pingle, exports from 20 countries to Russia were down 50% in April compared to the same time a year prior.
—Robin Brooks (@RobinBrooksIIF) $4
Monthly exports from Russia to other countries, however, were up 64% in April compared to the same time a year prior, Brooks $4 on Monday, as $4 become a bigger part of Moscow's revenue.
Brooks said the country's current account surpluses were "massive," meaning Russia was exporting far more than it was importing.
—Robin Brooks (@RobinBrooksIIF) $4
Russia stopped publishing its trade data after invading Ukraine in late February, so Brooks said the data was compiled using 20 of the country's top trading partners.
According to the $4, top trading partners with Russia include China and Germany.
Since the invasion, European and Western countries have unveiled a slew of sanctions packages aimed at crippling Russia's economy.
Ukraine's government has routinely lobbied for harsher sanctions and had led a push to try and redirect European Union countries away from Russian gas and oil — a main source of Moscow's federal revenue.